Tayside and Central Scotland

Job losses as manufacturing firm Pressurefab goes into administration

Dundee offshore container manufacturer PressureFab has gone into administration with the loss of 42 jobs.

The company, which had an annual turnover of £5.3m in 2014/15, cited the oil and gas downturn for the decision.

Administrators said a fall in revenues had resulted in "insurmountable cash flow difficulties".

PressureFab had reduced its workforce from a peak of 100 over the last 18 months.

Blair Nimmo and Tony Friar of KPMG LLP have been appointed joint administrators of PreesureFab, its parent company Twickler Industries Ltd, and four other group companies.

The company, which is based at 250,000 sq ft premises in Baird Avenue, manufactured steel projects up to volumes of 2,000 tonnes.

Mr Nimmo said: "PressureFab Ltd is the latest firm to fall victim to challenging trading conditions in the oil and gas sector.

"As client orders were cancelled or postponed, the number of new business enquiries reduced significantly, leaving the company with no option other than to cease trading.

"We are currently reviewing the company's financial position as we seek to complete certain orders and realise stock.

"The company is widely considered to be a leading manufacturer for the sector and we anticipate there will be interest in the company's infrastructure including its property, plant and intellectual property."

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